Log and Transfer is the way that it is done if you have FCP. Other NLE handle P2 footage differently. The other person will also need DVCProHD codec or whatever you shoot the footage as. this is not a common codec.

Make Ref Movie is for when you shoot as QuickTime and a Ref file needs to original files to play, it makes a playable clip of the entire shoot out of the shorter segments. Does not apply here.